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Ericsson recently announced it is planning to cut 8,500 jobs as part of its cost-cutting measures.

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The chief executive of Swedish telecom company Ericsson on Monday warned Europe’s industry structure is likely unsustainable, calling for consolidation across the region to boost competitiveness.

The comments come shortly after the company, which is one of the world’s biggest providers of 5G mobile networks, announced it is planning to cut 8,500 jobs as part of its cost-cutting measures.

“The big problem in Europe is really that our customers can simply not afford to build out the networks and I think that is going to hurt European competitiveness long term,” Ericsson CEO Börje Ekholm told CNBC’s Karen Tso at Mobile World Congress in Barcelona, Spain.

Asked how the region can address this issue, Ekholm replied, “You know my view on this, I do believe Europe needs to consolidate.”

Ekholm said in countries such as the U.S., China and India, consolidation had meant there were now just two or three operators nationwide.

Ericsson CEO: Very early still in 5G cycle

In Europe, however, “it is 200 operators, pretty much four plus in almost every country. It is an industry structure that is probably unsustainable and that needs to be addressed,” Ekholm said.

Ericsson’s chief executive said it was still “very, very early” in the 5G journey but tipped India to build one of the world’s strongest 5G networks in the next few quarters.

Ekholm said that India would also “probably start to drive innovation on top of the network well before many other countries.”

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Ether falls 7% following a multimillion dollar hack of a decentralized finance protocol

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November 3, 2025

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Ether falls 7% following a multimillion dollar hack of a decentralized finance protocol

Representation of Ethereum, with its native cryptocurrency ether.

Dado Ruvic | Reuters

Ether fell as much as 9% on Monday, slipping below its critical $3,600 support level, shortly after a multimillion dollar hack affected a protocol on the token’s native network. 

The cryptocurrency, which is issued on Ethereum, was last down 6.6% at around $3,600, CoinMetrics data shows. That’s roughly 25% off its high of $4,885 hit on August 22. 

The coin’s tumble came after Ethereum-based decentralized finance protocol Balancer on Monday lost possibly more than $100 million in a hack. The exploit marks the latest in a series of bearish events that have put digital assets investors on tenterhooks over the past few weeks.

In mid-October, U.S. President Donald Trump announced “massive” tariffs on China over its restriction of rare earth exports, kicking off investors’ flight from crypto to risk-off assets such as gold. And although the president later walked back that threat, his comments sparked a sell-off that triggered cascading liquidations of highly leveraged digital asset positions. 

Last week, Federal Reserve Chair Jerome Powell cautioned investors about expecting future rate cuts, adding to existing bearish market sentiment.     

“These events have put investors on uneasy footing as we roll into November,” Juan Leon, senior investment strategist at Bitwise, told CNBC. “Macro volatility notwithstanding, this October’s drawdown appears to have been a healthy, albeit sharp, de-leveraging event that flushed speculative excess from the market.”

Some stocks linked to digital assets are also coming under pressure. Coinbase shares were down nearly 4%, while Bitcoin treasury firm Strategy edged down more than 1%.   

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Nvidia adds nearly $100B in market cap in a matter of days. Here is what’s going right

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November 3, 2025

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Nvidia adds nearly 0B in market cap in a matter of days. Here is what's going right

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Lambda, Microsoft agree to multibillion-dollar AI infrastructure deal with Nvidia chips

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November 3, 2025

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Lambda, Microsoft agree to multibillion-dollar AI infrastructure deal with Nvidia chips

In this photo illustration, a person is holding a smartphone with the logo of US GPU hardware company Lambda Inc. (Lambda Labs) on screen in front of website.

Timon Schneider | SOPA Images | AP

Cloud computing startup Lambda announced on Monday a multibillion-dollar deal with Microsoft for artificial intelligence infrastructure powered by tens of thousands of Nvidia chips.

The agreement comes as Lambda benefits from surging consumer demand for AI-powered services, including AI chatbots and assistants, CEO Stephen Balaban told CNBC’s “Money Movers” on Monday.

“We’re in the middle of probably the largest technology buildout that we’ve ever seen,” Balaban said. “The industry is going really well right now, and there’s just a lot of people who are using ChatGPT and Claude and the different AI services that are out there.”

Balaban said the partnership will continue the two companies’ long-term relationship, which goes back to 2018.

A specific dollar amount was not disclosed in the deal announcement.

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Founded in 2012, Lambda provides cloud services and software for training and deploying AI models, servicing over 200 thousand developers, and also rents out servers powered by Nvidia’s graphics processing units.

The new infrastructure with Microsoft will include the NVIDIA GB300 NVL72 systems, which are also deployed by hyperscaler CoreWeave, according to a release.

“We love Nvidia’s product,” Balaban said. “They have the best accelerator product on the market.”

The company has dozens of data centers and is planning to continue not only leasing data centers but also constructing its own infrastructure as well, Balaban said.

Earlier in October, Lambda announced plans to open an AI factory in Kansas City in 2026. The site is expected to launch with 24 megawatts of capacity with the potential to scale up to over 100 MW.

OpenAI signs $38B deal with Amazon: Here's what to know

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